Please enter the explanations ("how") for the control matrix below:
P1: Immediately separate checks and remittance advices.
Effectiveness goal A: The checks and RAs should be separated soon after receipt. This enables the process of recording the RA's and deposits to be fast and efficient.
Security of resources: When the checks are deposited quicker, than the less likely the cash will be diverted, and separating the checks and RAs also reduces the chance of lapping.
P2: Compare check to RA.
Check and Remittance advice input validity: By comparing the checks and RAs, this verifies that the amounts are valid.
Check and Remittance advice input accuracy: This ensure that the amounts for the checks and RAs are accurate and correct.
P3: Use of Turnaround Docs.
Efficient employment of resources: The use of scanning the RA as a turnaround document reduces the amount of data entry that must be completed.
Remittance Advice input validity: The RAs were scanned into the computer in a different functional area. The comparison between what was input into the computer by a separate party and what the CR clerk has on file ensures the validity of the information.
Remittance Advice input accuracy: By scanning the RA this reduces the amount of errors.
P4: Automatic Data Entry.
Efficient employment of resources: With automated data entry, it reduces the amount of data that has to be keyed into the system, thus improving the productivity.
Remittance Advice input accuracy: This ensures that the data automatically being entered reduces the amount of errors and therefore is more than likely correct.
P5: Manual Batch Comparison.
Ensure security of resources, remittance advice input validity, input completeness, input accuracy : The comparison of the batch totals to the cash receipts reports ensures that the correct amounts are being deposited and that no checks and RAs are unaccounted for.
P6: Procedure for Rejected Input.
Remittance Advice input completeness: This is to ensure that any erroneous data will be corrected and resubmitted for processing. The corrected data should be complete.
Please enter the explanations ("how") for the control matrix below:
P1: Immediately separate checks and remittance advices.- Effectiveness goal A: The checks and RAs should be separated soon after receipt. This enables the process of recording the RA's and deposits to be fast and efficient.
- Security of resources: When the checks are deposited quicker, than the less likely the cash will be diverted, and separating the checks and RAs also reduces the chance of lapping.
P2: Compare check to RA.- Check and Remittance advice input validity: By comparing the checks and RAs, this verifies that the amounts are valid.
- Check and Remittance advice input accuracy: This ensure that the amounts for the checks and RAs are accurate and correct.
P3: Use of Turnaround Docs.- Efficient employment of resources: The use of scanning the RA as a turnaround document reduces the amount of data entry that must be completed.
- Remittance Advice input validity: The RAs were scanned into the computer in a different functional area. The comparison between what was input into the computer by a separate party and what the CR clerk has on file ensures the validity of the information.
- Remittance Advice input accuracy: By scanning the RA this reduces the amount of errors.
P4: Automatic Data Entry.- Efficient employment of resources: With automated data entry, it reduces the amount of data that has to be keyed into the system, thus improving the productivity.
- Remittance Advice input accuracy: This ensures that the data automatically being entered reduces the amount of errors and therefore is more than likely correct.
P5: Manual Batch Comparison.- Ensure security of resources, remittance advice input validity, input completeness, input accuracy : The comparison of the batch totals to the cash receipts reports ensures that the correct amounts are being deposited and that no checks and RAs are unaccounted for.
P6: Procedure for Rejected Input.